CBRE is offering a pair of freehold conservation shophouses located at 69 and 71 Kampong Bahru Road. Facing the main road and offering a combined land area of 2,343 sq ft and floor area of 5,947 sq ft, these shophouses are zoned for commercial use under the Blair Plain Conservation Area according to Master Plan of 2019.Currently, the ground floor units of the shophouses are fully tenanted by a restaurant and convenience store operator, affording investors immediate rental income. Additionally, the upper floors are zoned for office use and are presently vacant, making them ideal for alternate uses such as accommodation and lodgings, commercial school, medical clinic or a fitness centre – with approval from the relevant authorities.The shophouses also benefit from excellent connectivity, being in close proximity to Outram Park MRT Station and situated between three rapidly growing areas of SGH Campus, the CBD and the future Greater Southern Waterfront.Clemence Lee, executive director of capital markets, Singapore at CBRE, is confident that the properties will appeal to a wide pool of buyers, noting that there are only 44 shophouses zoned for commercial use in the Blair Plain Conservation Area, with the rest being zoned for residential use with commercial at the first storey. He believes ongoing enhancements works and new developments in the areas will further benefit the properties’ rental and capital appreciation over the long-term.The guide price for the shophouses is $18.8 million, representing $3,161 psf based on their total floor area. An expression of interest exercise for the properties will close on May 24 at 3pm.
Located at 69 and 71 Kampong Bahru Road, a pair of freehold conservation shophouses is up for sale through an expression of interest (EOI) at a guide price of $18.8 million. This majestic duo occupies a combined land area of 2,343 sq ft and have a floor area of approximately 5,947 sq ft.
Under URA’s Master Plan of 2019, the shophouses are zoned for “commercial” use under the Blair Plain Conservation Area along with only 44 other shophouses of similar status, the rest being zoned for residential use with commercial at the first storey.
J’den Condo, a 40-storey residential and commercial development located at the heart of Jurong East MRT station, is J’Den Condo expected to launch in the second half of 2023, with based prices of S$2,000 to S$2,100 per square foot.
With an immediate rental income from the ground-floor units, which are fully tenanted by a restaurant and convenience store operator, coupled with premium characteristics such as its freehold tenure, connected units on the upper floors, main road frontage and multiple angles for value enhancements, CBRE believes the shophouses will be attractive to astute investors.
Subject to approval from relevant authorities, the upper floors of the are zoned for “office” and are presently vacant, making them ideal for alternate usages such as accommodation and lodgings, a commercial school, medical clinic or a fitness centre.
The shophouses’ connectivity is also a major selling point, being a mere six-minute walk away from Outram Park MRT Station and within the vicinity of three rapidly growing districts – SGH Campus, the CBD and the future Greater Southern Waterfront. CBRE is confident that ongoing enhancements works and new developments in the areas will further benefit the properties’ rental and capital appreciation over the long-term.
The guide price of the shophouses is $3,161 psf based on their total floor area, and the EOI exercise for them will close on May 24 at 3pm. With the excellent attributes of these properties, it is no wonder why investors are so eager to grab this rare opportunity.
